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WHAT IS A BULLY BAR?
In trading, especially in Grid Trading, sometimes you need that extra "nudge" to jump in, start a trade, start a Grid or stay in a trade that you're already in, right? That's where the BULLY BAR GRID UPTREND PREDICTOR comes in... it helps to reinforce a decision to jump into a LONG trade. Once you see a YELLOW candle (especially a yellow candle with a green border), this indicator is signaling a high probability (or possibility) that an uptrend is forthcoming. Sometimes this uptick can be a lot, other times less, but if you are grid trading and have set reasonable parameters for your grid range, you are likely going to trend up and out the top of your grid for a profit.
Let's be real... we're talking crypto right? Nothing is guaranteed, but at least the odds are on your side with the BULLY BAR indicator!
You can set a Tradingview alert to signal you each time a yellow BULLY BAR appears on the asset of your choice. Any time frame is ok, but we recommend 1 HOUR CANDLES (or greater) for best results. Just select the BULLY BAR in the alert set-up window and set parameters to GREATER THAN / VALUE = 0 --- that's it. Every time a yellow candle Bully Bar appears, you'll be notified and can evaluate the trading opportunity at-hand.
HOW TO READ BULLY BAR SIGNALS
- 1) Set your candle style to HEIKIN-ASHI (highly recommended for better results)
- 2) Use a chart time frame of ONE HOUR or greater. (If you are tempted to use a shorter time frame, review the signal history in the shorter timeframe FIRST to confirm accuracy.)
- 3) Wait for a YELLOW candle or set an ALERT (there will also be a correlating yellow diamond at bottom of chart.) This is your signal that an uptrend may be possible.
- 4) If the yellow candle has a GREEN border (or whatever color you normally use for an up candle) then there is a good probability price action will move up.
- 5) If the yellow candle has a RED border (or whatever color you normally use for a down candle) then there is a better than average possibility price action will move up.
- 6) If there are OTHER MARKET CONDITIONS that dominate current prices (like a continuing long downtrend, an oversold market, or perhaps you are already close to strong upper resistance levels) then you should ignore any "questionable" Bully Bar signals that might trigger under conditions such as this. If you are using 1 HOUR+ candles you have plenty of time to evaluate the signal opportunity.
TO THE MOON?
The Bully Bar does not indicate exactly when or how far up a trend or price uptick might occur, but if you are grid trading and have your grid range set to a reasonably range (based on upper resistance levels, fibonacci levels or average recent range fluctuations) then the odds of a successful exit out the top of your grid is a reasonable expectation. In fact, be prepared, because you may need to close out your grid at a profit and move it up to a higher range!
WANT TO LEARN MORE ABOUT GRID TRADING?
COMBINE WITH OTHER GRID INDICATORS
It is recommended you use this indicator in combination with other indicators, your knowledge of trading and market conditions. This will help you refine your grid start parameters and opportunities. This BULLY BAR indicator works hand-in-glove with the GRID RANGE FINDER INDICATOR, the GRID BOX MAPPER and the GRID START INDICATOR.
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